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Tcl Associates To Form Indonesian Real Estate Investment Trust
The property market in Indonesia has boomed over the past few years with property prices sky rocking last year. Despite the debt crisis in Europe and the general global economic slowdown Indonesia´s economy has grew by 6.2% in 2012 attracting a slew of foreign investment. The positive economic conditions, and an ever growing middle class has driven domestic demand higher., leading to boost in confidence of property developers causing property prices to soar in the country. Rental rates and sale prices have risen on average 10% to 20% last year.
The strong economic conditions and improved sentiments among investors have created significant demand for office space in Jakarta´s business district, where office rentals and occupancy rates have increased more than 95% in 2012. At the same time, an increase in domestic consumption has caused local retailers to expand their operations, also driving occupancy rates and increasing rental rates of retail locations. The tourism sector has also improved in the last year, creating demand for new hotel projects.
TCL Associates’ real estate investment trust will begin by ...
... financing the construction of a 4 star hotel that will be completed in the first quarter of 2015. The firm expects these to be extremely profitable as Indonesia becomes a more popular tourist destination. To generate immediate revenue the firm will also purchase one mid-rise and two low rise office buildings, which will be rented.
Analysts at TCL Associates decided on smaller buildings because companies generally prefer to occupy an entire building rather than a portion of a sky scraper.
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